On April 3, 2023, Guangdong Rising Holdings Group Co., Ltd. obtained the "Letter of No Objection on the Listing and Transfer of Private Placement of Exchangeable Corporate Bond of Guangdong Rising Holdings Group Co., Ltd." (SSE Letter [2023] No. 1008) from Shanghai Stock Exchange, and was approved to issue exchangeable corporate bond with a total amount of not more than RMB 2 billion to professional investors, which was successfully issued on April 18, 2023. The bond holders can exchange the bond for Rising Holdings' equity in China Telecom (601728. SH), and CITIC Securities Co., Ltd. and China International Capital Corporation Limited act as the main underwriters. This is the first successful issuance of the exchangeable bond by a state-owned enterprise directly under the State-owned Assets Supervision and Administration Commission of Guangdong Province.